A05886 Summary:

BILL NO A05886
SAME AS No same as
SPONSOR Kavanagh
COSPNSR
MLTSPNSR
Amd S606, Tax L
Provides for a transportation credit for commuters residing within this state
and employed or self-employed within a large city, i.e. population over one
million; provides that such credit is equal to one percent of wages and
self-employment income earned within New York city.

A05886 Actions:

A05886 Memo:

BILL NUMBER:A5886
TITLE OF BILL:
An act to amend the tax law, in relation to establishing a
transportation credit for those employed in large cities
PURPOSE:
The purpose of this bill is to provide a State income tax credit to
defray transportation costs for commuters who are employed or
self-employed in New York City.
SUMMARY OF PROVISIONS:
Section 1 of the bill provides a transportation credit for individuals
commuting to New York City for work. The credit is equal to 1 percent
of wages and self-employment income earned within New York City.
Section 2 establishes the effective date.
JUSTIFICATION:
Many New Yorkers incur significant expenses traveling to and from New
York City each day. In 2013, it was reported that The U.S. Department
of Labor found that average commuters spend more than $1,100 a year to
commute to Manhattan using public transportation, while drivers spend
over $2,200 on fuel, and that this figure excludes tolls (Stephanie
Landsman, NYC's 'Extreme Commuting' Costs Getting out of Control, CNBC
Nov. 9, 2013, www.cnbc.com/id/101155916).
This tax credit against the New York State income tax would compensate
commuters for transportation costs that are related to employment in
New York City. The enactment of this targeted subsidy to defray
transportation expenses would promote the economic development of the
region.
LEGISLATIVE HISTORY:
2014: A00161 (Kavanagh) - Ways and Means
2013: A00161 (Kavanagh) - Ways and Means
2012: A06184 (Kavanagh) - Ways and Means
2011: A06184 (Kavanagh) - Ways and Means
2010: A00747 (Kavanagh) - Ways and Means
2009: A00747 (Kavanagh) - Ways and Means
2008: A08457 (Kavanagh) - Ways and Means
2007: A08457 (Kavanagh) - Ways and Means
FISCAL IMPACT ON THE STATE:
The transportation credit is estimated to provide taxpayer savings of
$510 million per year.
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to all taxable
years beginning on or after the first of January next succeeding the
date on which this act shall have become law.